$2 million in 2 Weeks, Jaredfromsubway.eth Returns: MEV Bot Launches New DeFi Attacks

TLDR:

• Notorious MEV bot “jaredfromsubway.eth” has relaunched with improved tactics
• New bot uses more sophisticated multi-layered sandwich attacks on DeFi protocols
• Bot has processed over 85,000 transactions, generating around 765 ETH (~$2 million)
• New attacks involve manipulating liquidity in Uniswap V3 pools
• Activity raises concerns about ongoing threats to DeFi users and protocols

The notorious maximal extractable value (MEV) bot known as “jaredfromsubway.eth” has resurfaced with upgraded capabilities. This bot, named after a controversial former Subway spokesperson, first gained attention in early 2023 for its ability to generate millions in profits through arbitrage and “sandwich” attacks on various DeFi protocols.

MEV tracking site EigenPhi recently reported the emergence of a new MEV contract associated with jaredfromsubway.eth. This contract has been employing advanced tactics and more sophisticated multi-layered sandwich attacks over the past two weeks. Sandwich attacks involve scheduling transactions before and after a victim’s trade to manipulate prices and profit at the expense of other users.

The new bot’s strategies have evolved beyond simple front-running and back-running. It now incorporates more complex techniques, such as adding and removing liquidity in Uniswap V3 pools as part of its attacks. This added complexity makes it more challenging to analyze and track the bot’s profitability.

According to EigenPhi’s analysis, the new contract address linked to jaredfromsubway.eth has processed over 85,000 transactions in just two weeks. These operations have generated approximately 765 ETH, valued at nearly $2 million at current prices. The bot’s activity demonstrates its ability to execute increasingly elaborate schemes, including five-layer and seven-layer sandwich attacks that can impact multiple victims simultaneously.

The original jaredfromsubway.eth contract saw a significant decrease in activity beginning August 7, dropping to zero by August 14. This lull initially sparked speculation about the bot’s potential shutdown.

However, the emergence of the new contract address, created using the same public/private key pair as the original bot, confirms that the operator has simply upgraded their tactics.

Jared’s new MEV bot uses a variety of methods to manipulate on-chain trades. In addition to traditional sandwich attacks, it now employs strategies like adding liquidity transactions as front or center pieces of an attack, and removing liquidity as back pieces. This combination allows for various attack patterns, often placing several transactions between the front and back runs.

It’s worth noting that MEV activity remains a significant factor in the DeFi ecosystem. EigenPhi data indicates that sandwich attack volume has exceeded $17 billion over the past month, underscoring the scale of this issue.